5 strategies to manage unexpected business growth

A rapid expansion should be the goal of any business, right? What entrepreneur does not look at the exponential success of companies like Facebook and feel the pain of jealousy? What could be bad for something so fortuitous that growth?
However, in truth, growth can be as many friends as enemies.
Entrepreneurs are often the types of people who build the ship as they navigate. This works in calm waters but can become much more difficult when there are waves of 50 feet, or sudden one million customers. Tèvespring, an e-commerce business “that allows anyone to design and sell products that people want.”
The first year, staying just do not push. And in December 2012, some customers have discovered a new way to use Teespring – using social media to help their ideas become viral. Customers began selling hundreds of thousands of dollars of T-shirts. “From there, it was a roller coaster,” says co-founder Evan Stites-Clayton.
But the company was not ready for this production. The Teespring team had to increase its staffing, manufacturing and execution to meet this incredible growth level. The team has grown from a few college students in 2011 to one of the fastest growing companies in the world by 2014 and has not built its systems to accommodate six million orders per year.
While Teespring finally survived and thrived, many companies fulfil their demise at the hands of an unexpected growth. The magazine of the Kauffman Foundation and Inc. conducted a survey among companies five to eight years after being on the list of 5000 companies experiencing the fastest growth. Two-thirds of companies have narrowed, abandoned or sold at a disadvantage.
Why do some companies, such as Teespring, survive while many companies are collapsing?

About the Author: wonkoblog

Leave A Reply

Your email address will not be published. Required fields are marked *